FATCA – latest news03.07.2014

For US citizens living abroad, speculation over the final implementation of the FATCA (Foreign Account Tax Compliant Act) legislation has been an unwelcome stress-point.

The requirement for all US citizens abroad to declare all international finances both current and from years past has unnerved even the most honest and compliant taxpayers. Many US citizens living abroad have not filed anything due to their risk of being fined and paying excessive back-taxes, with some even renouncing their citizenship in an attempt to avoid the issue.

However, recently there has been a significant development in the rules, with the American Citizens Abroad playing a major part in improving the arduous process and potential impact of the heavy-handed fines proposed.

Gavin Pluck, European Director of Guardian Wealth Management spoke recently to WRS Radio about the impact of FATCA and the recent withdrawal of fines, calling this “a step in the right direction”. While nowhere near fully resolved, Gavin talks about the hope that banks will now have a better understanding over FATCA reporting requirements and should now look again to offer US citizens a place for their offshore wealth. Listen to the full interview with Gavin here.

For further information about the legislation and how the American Citizens Abroad are fighting for those affected, listen to the full interview with Marylouise Serrato, Executive Director of American Citizens Abroadhere.

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